ARY gets $25m finance for gold refinery at DMCC

The ARY Group yesterday signed an agreement with Management Consultants, Sirajuddin Cassim Pvt Ltd and First Standard Investment Bank Ltd (FSIB) Pakistan, for a five-year finance facility of $25 million for its new refinery - ARY Aurm Plus - according to a company communique.

The agreement was signed in Dubai by Yaqoob Iqbal, director, ARY Group; Sirajuddin Cassim, chairman and CEO of Management Consultant Pvt Ltd and former president, Karachi Stock Exchange; and Fuad Kehar, Group head, Corporate Finance, First Standard Investment Bank Ltd.

Haji Abdul Razzak Yaqub, chairman of the ARY Group, was present at the signing ceremony. This is the company's first such venture in Dubai.

The facilities of ARY Aurum Plus will consist of a gold refinery with a capacity of over 100 tons per year.

Automated equipment for minting coins, small and large bullion bars, detailed crafting, cutting and polishing of 18k, 20k and 22k gold jewellery as well as diamond and precious stone jewellery, and many other products related to the industry.

"In a major step to further promote the vision of General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Defence Minister, to establish Dubai as a leading centre for international business, The ARY Group has embarked upon the creation of the ARY Aurum Plus, a state-of-the-art-gold and jewellery refining and production complex located in the Dubai Metals and Commodities Centre," said a statement.

The ARY Group, a family-owned business, was established in 1970 in Dubai. Since its inception, the company has surged ahead to become one of the largest gold dealers in the world.

It has, over the last 32 years, played a vital role in promoting Dubai as the city of gold, throughout the world, and now with ARY Aurum Plus the ARY group will be redefining the gold and jewellery industry and attracting gold miners from across the globe, said the company.